If Tether is 87% backed they'll be fine; they can find some way to hide that shortfall. (To be clear this is illegal and I want Tether to die but we need to acknowledge the realpolitik of the crypto market.)

1. They are not backed at all, esp when coin prices collapse 2. Even if partially backed loss of confidence will be catastrophic.

Also curious if it happens instantaneously or somehow drags on.

what would have to trigger the catalyst for their collapse and why hasn’t it happened yet? are they growing stronger or weaker every day?